Credit cards offer
many benefits, but include hidden fees that can be expensive and frustrating.
Thanks to the Credit Card Act of 2009 many fees have been regulated, reduced or
eliminated, resulting in savings for the customer. However, there are still
expensive fees that consumers should watch for.

Annual fees
Many credit cards charge annual fees. Some cards cost $50 per year or less
while others can charge closer to $100. Some cards will waive those fees if you
have been a long-time customer with a solid history. The best time to avoid
annual fees is when you are shopping around for a new card.

Fees for printed statements Many credit card companies are charging consumers
who want a paper statement. The charge is minimal, usually only $1 or so, but adds
up over time. If you use the statement as a visual reminder to pay the bill, it
may be more costly to switch to electronic and be charged a late payment.

Late fees The
Credit Card Act also limited the charge on late payments to $25 for an initial
late pay. Consumers have been better about paying their bills on time because
of tighter lending standards and the requirement of higher credit scores. One
late payment can really hurt a credit score and consumers are paying attention.

Over-the-limit fees Some credit card companies charge a fee every time
you go over your credit limit. This
could be $25 to $35 or more each time. The best way to avoid this fee is to
make sure your provider declines the card if you are maxed out. It also pays to
check your balance before using the card if you are close to the maximum.

Cash advance fees Many providers charge a fee each time you request a cash advance. This
can be a set amount, but it is more often a percentage of the amount requested.
If you do this often you could be paying hundreds of dollars in cash advance
fees each year.

Be aware of your choices.Planning
ahead and looking for cards that either charge lower fees or none at all can keep
more money in your pocket.

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